Are you covered?

To help you prepare and protect your organisation, AFL and QCC have teamed up to offer the financial and technical support you need, when you need it, enabling you to resolve data breach situations quickly and keeping the costs of any breach involving your customer data in check!

What are the risks?

Customer data is the lifeblood of your business.

Breaches of customer data by thieves, hackers and even the actions of negligent staff are on the rise. And so are the costs!

43% of companies that lose a significant amount of data close down immediately and 90%* are out of business within two years.

If your customer data is breached:

• Card brands and banks require you to cover costs relating to:
  - breach investigation
  - replacing cards
  - credit monitoring
• Proposed EU legislation requires that you:
  - Notify all relevant authorities
  - Write to all customers offering to cover credit report costs

Does your customer data include the following?

• Credit card details
• Bank details
• Personal information

- Address
- Medical details
- Preferences
- ID information (ie passport / driver licence details)
- Date of birth

• Employee data
  - National Insurance numbers
  - Salary

Did you know?

Negligence is the most common cause of breach incidents (41%), followed by lost or stolen portable or mobile devices (35%), malicious attacks (31%), and system failure (27%).

Data breach insurance from AFL and QCC

We now offer comprehensive and powerful data breach insurance for organisations and executives who hold personal data on their company’s systems.

Underwritten by Alterra at Lloyds of London, the policy gives you comprehensive financial cover for a wide range of data breach incidents. But, unlike other policies, it also draws on the expertise of information security incident response specialists QCC to provide vital technical and procedural support when you need it most.

Key benefits include:

• Forensic audit to help you understand your systems’ vulnerabilities
• Advice from experienced information security professionals
• 24×7 incident helpline

Did you know…?

Mandatory processing of stolen data records with credit monitoring agencies could cost your business up to £2.00 per record. So, a theft of 50,000 records could cost you as much as £100,000. This figure excludes any costs incurred as a result of identity theft incidents for which you may be liable.

The UK Information Commissioner has the power to fine organisations up to £500,000 for failing to protect personal data and prosecute individual directors under criminal law with custodial sentences.

What is covered?

Cover includes:

• Breach of security
  Damages resulting from computer security breaches. These could include unauthorised access or use of a computer network, theft of or loss of data, denial of service attacks and virus transmissions involving your systems.
• Privacy liability
  Costs resulting from the theft of personal information.
• Regulatory defence and penalties
  Expenses incurred as a result of legal action taken against you following a data GH\breach. This could include legal costs and fines.
• Notification costs
  Including postage, printing, drafting, call centre, and advertisements.
• Crisis management costs
  Expenses incurred through crisis management activities.
• Public relations
  Up to £50,000 for employing a public relations consultant.
• Credit monitoring costs
  No fixed limit for funding credit monitoring services. These allow customers/individuals whose data has been stolen to monitor their credit history for suspicious activity.
• Data extortion
  Cyber extortion costs following a cyber-extortion threat.
• Unintentional breach of confidentiality
  Costs resulting from a breach caused by employee negligence.
• Data Protection Act
  Cover for defence costs arising from any prosecution following contravention of the Data Protection Act.
• Virus
  Cover for any claim or any loss suffered by an independent third party as a result of the transmission of a virus. Up to £500,000 for the period.

Policy parameters

• Maximum sum insured: £5 million
• Minimum premium: £750
• Premium excess: 1% of the sum insured in addition to 5% co-insurance
• No sub-limit of credit monitoring costs